TATAPOWERNSE8 November 2023

Tata Power Company Limited has informed the Exchange about Investor Presentation

Tata Power Company Limited

BSE Limited Corporate Relationship Department 1st Floor, New Trading Ring Rotunda Bldg., P. J. Towers Dalal Street, Fort Mumbai – 400 001. Scrip Code: 500400

Dear Sirs,

November 8, 2023

National Stock Exchange of India Limited Exchange Plaza, 5th Floor Plot No. C/1, G Block Bandra-Kurla Complex Bandra (East) Mumbai – 400 051. Symbol: TATAPOWER

Presentation to Analysts

We forward herewith a presentation that will be made to the Analysts today in connection with the Audited Standalone and Unaudited Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2023.

Yours faithfully, For The Tata Power Company Limited

(H. M. Mistry) Company Secretary FCS 3606

Encl: As above

F I N A N C I A L R E S U L T S – Q 2 F Y 2 4

8 N O V 2 0 2 3

Disclaimer

This document does not constitute or form part of and should not be construed as a prospectus, offering circular or offering memorandum or an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries or affiliates in any jurisdiction or as an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This document is not financial, legal, tax or other product advice.

This presentation should not be considered as a recommendation to any investor to subscribe for, or purchase, any securities of the Company and should not be used as a basis for any investment decision. This document has been prepared by the Company based on information available to them for selected recipients for information purposes only and does not constitute a recommendation regarding any securities of the Company. The information contained herein has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document. Furthermore, no person is authorized to give any information or make any representation, which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Company.

The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any person of such revision or changes. This document is given solely for your information and for your use and may not be retained by you nor may this document, or any portion thereof, be shared, copied, reproduced or redistributed to any other person in any manner. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any person in possession of this presentation should inform themselves about and observe any such restrictions. By accessing this presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company.

The statements contained in this document speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to supplement, amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditions or circumstances on which any such statements are based. By preparing this presentation, none of the Company, its management, and their respective advisers undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent.

This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. This document and its contents should not be forwarded, delivered or transmitted in any manner to any person other than its intended recipient and should not be reproduced in any manner whatsoever.

This presentation is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration, or an exemption from registration, under the U.S. Securities Act of 1933, as amended. Any public offering in the United States may be made only by means of an offering circular that may be obtained from the Company and that will contain detailed information about the Company and management, as well as financial statements.

This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in the Company’s business, its competitive environment, information, technology and political, economic, legal and social conditions in India. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements. In addition to statements which are forward looking by reason of context, the words ‘anticipates’, ‘believes’, ‘estimates’, ‘may’, ‘expects’, ‘plans’, ‘intends’, ‘predicts’, or ‘continue’ and similar expressions identify forward looking statements.

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Agenda

About Tata Power Sustainability: Manifesting a Greener Tomorrow Industry Highlights Business Highlights

04 10 16 20 27 Operational & Financial Highlights 33 Annexures

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About Tata Power

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Glorious history of over 100 years...

Calendar Year Basis

• 1910: Company incorporated as Tata Hydroelectric Power Supply Company • 1915:1st Hydro power

generating station (40 MW) commissioned at Khopoli, followed by Bhivpuri (1922) and Bhira (1927)

• 2001:Commissioned first wind

asset of 17 MW at Supa Maharashtra

• 2002:Takes over distribution of Delhi, later renamed as TPDDL a JV between Tata Power (51%) and Delhi Government (49%)

• 2003:Tata Power enters into a

JV with Power Grid Corporation of India (PGCIL), to develop a 1,200 Km long transmission line to bring electricity from Bhutan to Delhi

• Commissioned first solar asset of 3 MW at Mulshi Maharashtra

• Unit 1 of 525MW Maithon Power Limited (MPL) commissioned

•

2014: Entered into agreement to sell 30% stake in Arutmin for US$401Mn 2015:Commissions the 126MW Dagachhu Hydro Power Corporation in Bhutan

• Resurgent Power Ventures acquires 75.01% equity stake of Prayagraj Power Generation Limited (PPGCL)

• Announces sale of South African JV Cennergi for US$84mn

• Tata Power wins bid for installation of 105MWp largest floating solar plant in Kayamkulam, Kerala

•

Takes over distribution in North-Eastern Odisha, Western and Southern Odisha. TPNODL, TPWODL and TPSODL formed as JV between Tata Power (51%) and Odisha Government (49%)

• TPREL received second tranche of ₹2,000 Cr and issued compulsorily convertible preference shares (CCPS) which will result in further dilution of 5.37% equity stake

• TPREL receives LoA for

966MW Hybrid RE Project from Tata Steel

• Tata Power signs MoU with

Maha Govt. for development of 2.8GW of Pumped Storage Project (PSP)

• 4.3GW Cell & Module Plant achieved First Module Out (FMO) in October 2023

1910-1955

1956-2000

2001-2005

2007

2011

2012-2013

2014-2015 2016-2017

2018-2019

2020

2021

• 1956-65: 3 units of 62.5 MW each and 4th thermal unit of 150 MW capacity at Trombay commissioned

• 1977: 150MW pumped

storage at Bhira upgraded

• 1984: 500 MW-5th Unit

established at Trombay, to supply uninterrupted supply to Mumbai

• 1991: 1st Solar cell

manufacturing capacity is set up by Tata Power Solar Systems Limited (TPSSL) in collaboration with BP Solar

• Tata Power completes

acquisition of 30% stake in Indonesian Coal Mines: Kaltim Prima Coal (KPC) Arutmin & Indo Coal for US$1.15Bn

• Tata Power - Mundra signed PPA with 5 states (Gujarat, Maharashtra, Punjab, Haryana & Rajasthan) • Industrial Energy Limited

(IEL), a JV formed between Tata Power (74%) and Tata Steel (26%) to meet power requirements for Tata Steel

• 2012:Commissioned 2nd unit of 525 MW in MPL • 2013:5 units of 800 MW each at Mundra UMPP commissioned, the first super critical technology in India

• 2013:Tata power acquires

26% share in the Indonesian coal mine PT Baramulti Suksessarana Tbk (BSSR) for US$ 152 million

•

2016:Acquired 1,010MW operational RE assets of Welspun, renamed it to Walwhan Renewable Energy Ltd (WREL). 2016:Resurgent Power JV formed by Tata Power and ICICI Venture to acquire stressed assets in Indian Power Sector. Tata Power holds 26% stake in Resurgent Power“ 2017:Tata Power Ajmer Distribution Limited (TPADL) is formed to take over supply and distribution of Ajmer

• Tata Power sells 3 ships for

US$ 213Mn

• Tata Sons infuse ₹ 2,600 Cr;

raise promoter holding to 47% from 37%

• Completed sale of Defence business to Tata advanced Systems Ltd. for ₹ 1,076 Cr.

• Tata power takes over

distribution in Central Odisha TPCODL formed as JV between Tata Power (51%) and Odisha Government (49%)

2022

2023

• Mundra (CGPL)

amalgamated into Tata Power

• Tata Power Renewable Energy Limited (TPREL) enters into an agreement to raise ~₹ 4,000 (US$ 525 million) Cr by issuing shares to a consortium of Blackrock and Mubadala; received first tranche of ~₹2,000 Cr. • Resurgent announces

acquisition of 100% stake in NRSS XXXVI Transmission Ltd. and SEUPPTCL (Transmission Company)

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5 5

… to become India’s most Vertically Integrated Power Company

₹ Crore unless stated

TATA POWER COMPANY LIMITED (TPCL) H1FY24

Revenue 30,446

EBITDA 6,092

Net Debt 36,609

PAT*** 2,158

THERMAL GENERATION, COAL & HYDRO

RENEWABLES^

TRANSMISSION & DISTRIBUTION

ELIMINATIONS/OTHERS (INCL. CORPORATE TAXES , EXPENSES AND INTEREST)

Revenue 9,800

EBITDA 2,107

PAT 1,370

Revenue 4,235

EBITDA 1,721

THERMAL

CAPACITY FUEL

STAKE

4,150 MW Mundra 930 MW Trombay Maithon (MPL) 1,050 MW Prayagraj (PPGCL)* 1,980 MW Jojobera Haldia

428 MW 120 MW

IEL

Rithala PT CKP

483 MW

108 MW 54 MW

Coal Coal/Gas Coal Coal Coal Coal Coal/ WHRS Gas Coal

100% 100% 74% 20% 100% 100%

74%

51% 30%

INDONESIA COAL MINES, SHIPPING & INFRA

PARTICULARS

CAPACITY

STAKE

Kaltim Prima (KPC) BSSR & AGM NTP (Coal Infra) TERPL (Coal Shipping)**

60 MT 18 MT - -

30% 26% 30% 100%

HYDRO

Bhira Bhivpuri Khopoli Dagachhu Itezhi Tezhi Adjaristsqali

CAPACITY

STAKE

300 MW 75 MW 72 MW 126 MW 120 MW 187 MW

100% 100% 100% 26% 50% 50%

RENEWABLES

Solar Power Wind Energy

UNDER CONSTRUCTION

Solar Power Hybrid

EV CHARGING

Public Home E-Bus

PAT 426

CAPACITY

3,191 MW 1,007 MW

CAPACITY

1,460 MW^^ 2,300 MW

POINTS

4,932 61,959 464

TATA POWER SOLAR SYSTEMS LIMITED (TPSSL)

PARTICULARS

Utility Scale Solar EPC Rooftop EPC & Group Captive Cell & Module Capacity

CAPACITY/ ORDER BOOK ₹15,870 Cr ₹2,872 Cr 530 & 682 MW

TP SOLAR: UNDER CONSTRUCTION

CAPACITY

Cell & Module

4,300 MW (each)

Revenue 18,731

EBITDA 2,180

PAT 683

Revenue (2,320)

EBITDA 84

PAT (321)

ENTITY

Tata Projects Nelco Corporate

BUSINESS MODEL EPC Communication

STAKE

31% 50%

DISTRIBUTION LICENSE

CUSTOMERS STAKE

Mumbai Tata Power Delhi (TPDDL) Odisha

0.76 Mn 2.00 Mn 9.44 Mn

100% 51% 51%

DISTRIBUTION FRANCHISE Ajmer (TPADL)

CUSTOMERS STAKE

0.16 Mn

100%

POWER TRADING COMPANY

TPTCL

STAKE

100%

TRANSMISSION

CIRCUIT KM STAKE

Mumbai Powerlinks SEUPPTCL NRSS XXXVI UNDER CONSTRUCTION SEUPPTCL NRSS XXXVI

1,264 2,328 789 1.5

754 151.5

100% 51% 26% 26%

26% 26%

JVs and Associates

Standalone Divisions

Subsidiary

* Resurgent owns 75% in Prayagraj | ** TERPL is a wholly owned subsidiary of Tata Power International Pte Ltd., which is wholly owned by Tata Power. Renewables (TPREL). CCPS has been issued which will result in further dilution of 5.37% equity stake in TPREL | ^^15 MW is for IEL

*** Reported PAT before Minority Interest after exceptional items| ^ Tata Power currently owns 93.94% stake in

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Generation assets located across India…

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Capacity Mix (Domestic + International)

14,381 MW Total

8,860 MW Thermal

880 MW Hydro

443 MW Waste Heat Recovery /BFG

835 MW Wind

2,966 MW Solar

397 MW Hybrid

Distribution of installed capacity (Domestic & International)

62%

38%

20%

Thermal

Clean and Green

Waste Heat/BFG

Wind

Hybrid

Solar

Hydro

PARTICULARSDOMESTIC CAPACITY (MW)1.Gujarat 5,013.5 2.Maharashtra 2,252.8 3.Uttar Pradesh 2,082.1 4.Jharkhand 1,736.4 5.Rajasthan 740.2 6.Karnataka 620.0 7.Tamil Nadu 379.3 8.Andhra Pradesh 314.6 9.Odisha 242.9 10.Madhya Pradesh 174.0 11.West Bengal 123.0 12.Delhi 111.2 13.Bihar 41.0 14.Punjab 36.0 15.Telangana 17.5 16.Uttarakhand 6.6 17.Haryana 1.5 18.Goa 0.7 19.Andaman & Nicobar 0.2 20.Assam 0.2 Grand Total13,894… as well as a few Global locations

P AR T I C U L A R S

S U M O F P R E S E N T C AP AC I T Y ( M W )

Dagachhu, Bhutan (Hydro)

Adjaristsqali, Georgia (Hydro) PT CKP, Indonesia (Thermal) Itezhi Tezhi (ITPC), Zambia (Hydro)

2. 3. 4. Grand Total

126 187 54 120 487

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Clean & Green to account for ~51% capacity post project completion

Tata Power Capacity (IN MW )

Current Operational Capacity share (IN %)

3 3

Thermal

Hydro

Wind

Solar

WHRS/BFG*

Hybrid

Capacity share post completion of projects (IN %)

Total

*WHRS: Waste Heat Recovery System BFG: Blast Furnace Gas

Thermal

Hydro

Wind

Solar

WHRS/BFG*

Hybrid

Thermal

Hydro

Wind

Solar

Hybrid

WHRS

Operational

Solar Pipeline

Hybrid Pipeline

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Sustainability: Manifesting a Greener Tomorrow

Carbon Net Zero B E F O R E 2 0 4 5

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Water Neutral B E F O R E 2 0 3 0

Zero Waste to Landfill B E F O R E 2 0 3 0

Tata Power’s Sustainability Aspirations

•

Improve Sustainability Disclosures and get listed in DJSI Emerging Markets list by 2027

Inclusion in S&P Global Emerging Market List by 2027

• Become carbon net zero

before 2045

• Become water neutral

before 2030

• Zero waste to landﬁll

before 2030

• No Net Loss to Biodiversity

• Leverage technology to create

the ‘Utility of the Future’ (IoT, Smart Grids, BESS, Green H2, robotic panel cleaning etc.)

• Education – Train

35 lakh+ youth as conservation and STEM education champions by 2028

• Employability and

Employment – 20 lakh+ youth trained and made employable by 2028

• Entrepreneurship – Enable

1 lakh+ community collectives (Self Help Groups) by 2028

•

Improve overall gender diversity ratio to 20% by 2028

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Meaningful improvement in ESG ratings

REPORT / FINANCI AL YEAR

CDP – Climate Change

CDP – Water

2 0 2 2

2 0 2 1

2 0 2 0

2 0 1 9

2 0 1 8

DJSI

MSCI

BBB BB

Sustainalytics*

41.2

38.6

*In Apr-23, Sustainalytics ESG Rating has improved to 40.9

ESG Performance @Tata Power

PART IC U L AR S

DESCRIPT ION

ON GOING ACT IONS

VAL UE

Y EAR

VALU E

Y EAR

BAS ELI NE

T ARG ET

Clean & Green Portfolio

16%*

2015

70%

2030

• 38% RE portfolio as on 30th September 2023

Net Zero (Absolute Carbon Emissions)

38.9 Million Tonnes

2023

100%

2045

ENVIRO NM ENT

Water Neutral (Fresh Water Consumption)

69.7 Billion litres

2023

100%

2030

Zero Waste to Landﬁll

5.96 Million Tonnes

Total Non HW Waste (including Ash)

5.8 Million Tonnes

Education

1.6 Million beneficiaries

Employability & Employment

39,156 beneficiaries

SO CIAL

Entrepreneurship

26,170 beneficiaries

2023

3.5 Million

2.0 Million

100,000

2028

Gender Diversity (%)

2023

20%

2028

G O VERN AN CE

DJSI Emerging Markets List (Absolute Score)

67/100

2023

80/100

2027

• SBTi Commitment under validation • Clean and Green Portfolio Growth • Thermal plant phase-out plan • Annual plantation of more than 1 million saplings • 3% Fresh Water reduction • 17% Rain Water Harvesting • 80% by oﬀsets

• Waste utilisation of Ash

waste

• CSR initiatives made a positive impact on 3.7 million lives across

17 Indian states during FY2023 • ₹ 50 Cr CSR spend in FY2023

• Women employees across roles • 59% - Campus hires • Policies supporting women in all life stages and mentorship

program

• ESG Action Plan and Gap Analysis

2023

100%

2030

• Waste Management Plan for biodegradable waste, plastic, and e-

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* Base Year 2015 for Clean & Green Portfolio in alignment with Paris Agreement

Strong Governance Framework

Sustainability Framework- Governance

Tata Power has a well-established sustainability governance structure to benchmark, implement, and monitor sustainability aligned decisions and actions. The CSR and Sustainability Committee at Board level guides strategy and the Apex Leadership Team enables impactful implementation.

CSR & Sustainability Committee Strengthened sustainability governance structure by including Board-level Committee to oversee ESG Issues, Strategy and implementation

Apex Leadership Oversight on and endorsement of sustainability strategy

SBU Heads Guidance and advice

Corporate Sustainability Team Framing Sustainability policies and driving sustainability performance

Sustainability SPOCS (Thermal, T&D, Hydros, Renewables, HR, CSR, Ethics, IA&RM, Environment, etc.) Driving and reporting sustainability performance

Leadership and Oversight on Sustainability

Advocacy

Institutional Structures and Systems

LEAD E RS HI P W IT H CAR E

Care for our environment (society at large) • Environment conservation • Eﬃcient use of energy • Investment in green technology

INIT IAT IVE S T HAT ARE BAS ED O N, AND ARE ENCO M P AS SI NG

What needs to be done (material to both, 5 stakeholders and us)

Care for our shareholders and customers

What we are good at doing and is linked to our business objectives

Care for our community

Care for our people

What we should take up as national thrust areas for development

What we should deﬁne as our standards, from compliance, to competing, to leading

New technology

Going beyond compliance

Architecture of Care

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Transitioning to non-fossil fuel-based generation by FY 2045

Leading utility transition to clean energy by Evolving generation mix

• Over 38% of Tata Power’s

generating capacity comes from clean and green energy sources like solar, wind and hydro. We are facilitating this clean energy transition through new technology adoption in collaboration with our customers and partner.

• We aim to phase-out of all coal- based generation and become Carbon net zero before 2045.

Leading utility transition to clean energy by evolving generation mix

16%

2015

PRESENT

38%

62%

84%

30%

2030

70%

2045

100%

Thermal

Clean & Green

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Empowering Communities

CSR Mission

To work with communities in the vicinity of our operations or as specially identified, to gain their acceptance of co-existence by addressing salient development imperatives

The key interventions for target communities are focused in the following thematic areas;

Education

Employability & Employment

Entrepreneurship

Essential Enablers

3.7 Mn

T O U C H I N G L I V E S

85+

D I S T R I C T S I N 1 7 S TAT E S

**Tata Power has made a major leap in the CSR ranking by securing a spot in top 10 as against its 57th rank in the last year

Public Private Partnerships (Collaboration & Leverage)

Improving access & creating opportunities

Far Reaching Impact on Community and Co-ownership

Optimal Utilization of Resources (Premises)

Green Jobs

Technology Enablement

Institutionalisation & Standardization

Tree Mittra leveraged for social afforestation

**Source: https://www.futurescape.in/responsible-business-rankings/ | https://thecsrjournal.in/top-100-companies-india-csr-sustainability-2021/

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Industry Highlights

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Power Demand has surged in Q2FY24 (up 13% Y-o-Y)

25,000

20,000

15,000

10,000

5,000

India has one of the lowest power consumption per capita

(IN UNITS) 30,000

Ratio of Power Growth to GDP growth has increased in the past 5 years

Monthly Energy Requirement (IN BUs)

India Coal-Based Generation Plants’ PLF at 70% in Sep’23 (IN %)

5.7%

0.93x

5.3%

1.10x

4.4%

4.0%

1.2x

1.0x

0.8x

0.6x

0.4x

175.0

155.0

135.0

115.0

95.0

75.0

55.0

0.2x

35.0

0.0x

15.0

-5.0

25%

20%

15%

10%

85%

80%

75%

70%

65%

60%

55%

-5%

50%

77%

70%

67%

62%

J u

2 2

A u g 2 2

S e p 2 2

O c t 2 2

N o v 2 2

D e c 2 2

J a n

2 3

F e b 2 3

M a r 2 3

A p r 2 3

M a y 2 3

J u n

2 3

J u

2 3

A u g 2 3

S e p 2 3

J u

2 2

A u g 2 2

S e p 2 2

O c t 2 2

N o v 2 2

D e c 2 2

J a n

2 3

F e b 2 3

M a r 2 3

A p r 2 3

M a y 2 3

J u n

2 3

J u

2 3

A u g 2 3

S e p 2 3

N o r w a y

C a n a d a

U S

J a p a n

R u s s a

F r a n c e

G e r m a n y

C h n a

U K

B r a z

i l

I n d a

FY14 - FY23

FY19 - FY23

FY23 & FY22 are estimates as per MoSPI

Data represents per capita power consumption for CY22

GDP Growth (CAGR)

Power Generation Growth (CAGR)

Energy Requirement

Power Gen growth :GDP growth (RHS)

YoY Growth

Central Sector

Private Sector

All India

State Sector

Source: ember-climate.org

Source: RBI, Ministry of Statistics & Program Implementation & Powermin

Source: CEA

Source: NPP

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RE continues to account for bulk of the Capacity additions in India

Total Installed Capacity in India currently stands at ~425GW

1.1GW added in Sep-23; (IN GW )

9.3GW added in H1 FY24 (IN MW )

239

s d n a s u o h T

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

Renewable (incl. Hydro) accounted for ~71% of H1FY24 capacity additions (IN %)

55% 54%

46%

2% 2% 45% 80%

77%

53%

543

368

120

781

9,363

403

292

6,447

13,911 12,784

5,458

700

6,529

1,766

921

2,068

1,553

1,580

390

614

213

1,111

576

4,577

3,372

4,321

4,129

1,380

F Y 1 8

F Y 1 9

F Y 2 0

F Y 2 1

F Y 2 2

5,000

10%

13%

15%

2,276

1,552

223 1,160

F Y 2 3

2,024

H 1 F Y 2 4

27%

28%

31%

34%

F Y 1 8

F Y 1 9

F Y 2 0

F Y 2 1

17%

22%

H 1 F Y 2 4

6% 3%

F Y 2 2

14%

1% 7%

F Y 2 3

J u

2 2

A u g 2 2

S e p 2 2

O c t 2 2

N o v 2 2

D e c 2 2

J a n

2 3

F e b 2 3

M a r 2 3

A p r 2 3

M a y 2 3

J u n

2 3

J u

2 3

A u g 2 3

S e p 2 3

Thermal

Nuclear

Hydro (incl. small Hydro)

Wind

Solar

Other Renewable (Biomass, Waste to Energy)

Source: Central Electricity Authority

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Cell and Module prices continue to correct; Coal has stabilised

Price Movement of Polysilicon & Wafer

Price Movement of Solar Cell & Module

Thermal Coal Prices (US$/t)

1.2

0.8

0.6

0.3

0.4

10.5

0.2

M a r - 2 0

J u n - 2 0

S e p - 2 0

D e c - 2 0

M a r - 2 1

J u n - 2 1

S e p - 2 1

D e c - 2 1

M a r - 2 2

J u n - 2 2

S e p - 2 2

D e c - 2 2

M a r - 2 3

J u n - 2 3

S e p - 2 3

0.28

0.23

0.18

0.13

0.08

0.03

450

400

350

300

250

200

150

100

0.14

0.07

159

100

M a r - 2 0

J u n - 2 0

S e p - 2 0

D e c - 2 0

M a r - 2 1

J u n - 2 1

S e p - 2 1

D e c - 2 1

M a r - 2 2

J u n - 2 2

S e p - 2 2

D e c - 2 2

M a r - 2 3

J u n - 2 3

S e p - 2 3

M a r - 2 1

J u n - 2 1

S e p - 2 1

D e c - 2 1

M a r - 2 2

J u n - 2 2

S e p - 2 2

D e c - 2 2

M a r - 2 3

J u n - 2 3

S e p - 2 3

Polysilicon (US$/kg)

Wafer RHS (US$/piece)

Modules (US$/Watt)

Cell (US$/Watt)

Source: Bloomberg

South African Coal (6000 kcal / kg) Source: World Bank and Global Coal

Australian Coal (6300 kcal / kg)

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Business Highlights

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Q2 FY24 Highlights

Tata Power signs MoU with the Government of Maharashtra for Development of 2800 MW of Pumped Hydro Storage Projects (PSP). 1800 MW Pumped Hydro Storage Project to be located at Shirawata, Pune district and 1,000 MW PSP at Bhivpuri, Raigad district

TPREL signed Power Delivery Agreement (PDA) with Mukand Limited (Bajaj Group), for 44 MW AC Group Captive Solar plant

TPSSL signed a MoU with SIDBI to offer an easy financing option for MSMEs. MSMEs that are willing to opt for Rooftop Solar PV Plant will be financially supported by SIDBI under the scheme

Pending sale proceeds of ₹ 230 Cr from Arutmin coal mine divestment received during the quarter

Moody’s has upgraded Tata Power’s Credit Rating from Ba2/Stable to Ba1/Stable

Tata Power and Zoom car join hands to offer seamless EV charging infra solutions

EPC business currently has an order book of 3,688 MW worth ₹15,870 Cr (58% is third party EPC)

TP Solar secures USD 425 Mn financing from US Development Finance Corporation (DFC) for 4.3 GW Cell & Module manufacturing plant

ITPC (Itezhi Tezhi Power Corporation) tariff issue resolved and old dues of USD 102 Mn received from ZESCO (Zambia Electricity Supply Corporation)

tatapower.com

Solar Utility Scale EPC Update

WELL DIVERSIFIED UTILITY SCALE ORDER BOOK

Utility scale EPC Order Book (IN ₹ CRORE)

BUSINESS UPDATES

• Terminated ₹ 1,158 Crore

of projects due to unfavourable economics

• New orders of 30MW won in Q2 worth ₹ 146 crores.

• Cumulative new orders

won in H1FY24- 230 MW worth ₹1090 crores

• 2.3GW of modules ordered till H1FY24 to benefit from prevailing lower prices

Order book at the end of Q1 FY24

Orders cancelled

Orders received in Q2

Q2 Revenue

Order book at the end of Q2 FY24

tatapower.com

CUSTOMERORDER BOOK (₹ CR)Tata Power Group6,655 SJVN3,662 NTPC1,948 NLC1,502 NHPC1,189 SECI268 NHDC429 Others217 Order Book as on 30th Sep 2023 (₹ Cr)15,870 Total Capacity as on 30th Sep 2023 (MW)3,688 Solar Rooftop and Group Captive – Q2 FY24 Highlights

GROUP CAPTIVE* ORDER BOOK

Revenue (In ₹ Crore)

Order book at the end of Q1 FY24

Orders received in Q2

Q2 Revenue

Order book at the end of Q2 FY24

3 rd PARTY ROOFTOP ORDER BOOK

Q2 FY24

314

460

Q1 FY24

341

208

Q2 FY23

420

157

Rooftop

Group Captive*

247 MW orders w on in Q2 (In%)

30%

65%

Order book at the end of Q1 FY24

Orders received in Q2

Q2 Revenue

Order book at the end of Q2 FY24

Rooftop Residential

Rooftop C&I

Group Captive*

GROUP CAPTIVE*

• Order book as at Q2 FY24 end stands at ₹ 2,341

crore

• Strong traction seen in Group Captive with orders

of 161 MW won in Q2 FY24

3rd PARTY ROOFTOP

• Order Book at Q2 FY24 end stands at ₹ 531 crore • • Channel network crosses 490+ across 275+

Installed 74 MW in Q2 FY24

districts

* Inclusive of in-house rooftop projects (<10% of total)

tatapower.com

Tata Power – EZ Charge

OPERATIONAL HIGHLIGHTS

EV CHARGING PLATFORM STATISTICS

4,932 Public & Captive Chargers (energized) till date

170k+ Registered Users

4,371 561

150

442 Cities and tow ns covered till date

1100k+ Charging Sessions

391

900

200

61,959 E4W Home Chargers till date

11.7 MUs Consumed

50,430 11,529

9.0

2.7

Deployed 464 E -bus charging points till date

82 Mil km E -mobility Supported till date (in million km)

284

180

BUSINESS HIGHLIGHTS

• Collaborated with Kolkata Airport Authority to install EV chargers.

• Strategic tie-up with Zoom

Cars to promote EV adoption and an effective charging infrastructure.

• Launch of RFID (Radio- frequency Identification) Cards for smooth customer journey

• Highest ever e-bus

charging points deployed in a quarter

Cumulative till Jun 23

Q2 FY24

tatapower.com

Odisha Discoms –Q2 FY24 Highlights

STRONG OPERATIONAL PERFORMANCE ACROSS ALL DISCOMS

TH E F T L O AD ( M W ) P

M E TE R S R E P L AC E D ( i n l a k h s )

S U B S T A T I O N S AU TO M A T E D ( N o ’ s )

P R E - T A K E O V E R AR R E AR S C O L L E C TE D ( ₹ C r s )

REDUCING AT&C LOSSES => PROM ISING GROWTH (Incl. past arrears)

Q 2 F Y 2 4

U p t o S e p ’ 2 3

Q 2 F Y 2 4

U p t o S e p ’ 2 3

Q 2 F Y 2 4

U p t o S e p ’ 2 3

Q 2 F Y 2 4

U p t o S e p ’ 2 3

TPCODL

~59,650 smart meters installed till date

Q2 FY24

21%

Q2 FY23

23%

268

0.3

TPSODL

~50,570 smart meters installed till date

TPWODL

~98,100 smart meters installed till date

Q2 FY24

Q2 FY23

29%

27%

Q2 FY24

19%

Q2 FY23

23%

168

0.3

209

0.6

TPNODL

~50,750 smart meters installed till date

Q2 FY24

13%

Q2 FY23

12%

246

0.7

206

115

148

595

257

370

115

576

tatapower.com

4.3 GW Cell and Module Plant - Project Update

First Module out in October 2023

First Cell production scheduled in Q4FY24

*Actual site photos

tatapower.com

Pre-Lamination Area Completed- Under Trial Run*

Post Lamination Area Installation & Commissioning Completed*

First Module Out (FMO)*

Operational & Financial Highlights

tatapower.com

Q2 FY24 Operational Highlights

Generation - Availability IN %

Plant Load or Capacity Utilization Factor IN %

AT&C Losses - Distribution IN %

100

76.8

77.6

60.4

53.0

41.4

37.5

45.3

45.0

8.9

9.0

7.2

7.1

5.7

32.0

27.6

23.2

24.9

19.9

20.9

0.8

0.5

0.0

Thermal (excl. Mundra)

Mundra

MO Hydro

WIND

SOLAR

Thermal (excl. Mundra)

Q2 FY23

Q1 FY24

Q2 FY24

Mundra

MO Hydro

WIND

SOLAR

MO- Distribution

TPDDL

TPADL

tatapower.com

H1 FY24 Operational Highlights

Generation - Availability IN %

Plant Load or Capacity Utilization Factor IN %

AT&C Losses - Distribution IN %

100

77.5

77.2

50.9

41.7

45.7

45.4

8.9

9.0

7.2

7.1

26.8

27.8

22.0

22.9

0.5

0.0

Thermal (excl. Mundra)

Mundra

MO Hydro

WIND

SOLAR

Thermal (excl. Mundra)

H1 FY23

H1 FY24

Mundra

MO Hydro

WIND

SOLAR

MO- Distribution

TPDDL

TPADL

tatapower.com

Financial Highlights

Q2 FY24 PAT increased (+9%) for the 16th consecutive time to 1,017 Cr

Revenue

Q2 FY24

Q1 FY24

Q2 FY23

15,442

15,003

14,163

9% 3%

EBITDA*

51% 3%

Underlying EBITDA (including share of JVs and Associates)

2% -0.5%

Q2 FY24

Q1 FY24

Q2 FY23

3,087

3,005

2,043

*Reported EBITDA includes other income

Q2 FY24

Q1 FY24

Q2 FY23

3,338

3,356

3,262

PAT (before exceptional items)

9% 12%

Reported PAT (after exceptional items)

9% -11%

Receivables

Q2 FY24

Q1 FY24

Q2 FY23

tatapower.com

1,017

906

935

Q2 FY24

Q1 FY24

Q2 FY23

1,017

1,141

935

Q2 FY24

Q1 FY24

Q2 FY23

7,651

7,790

9,363

Financial Highlights

Robust fundamentals as core businesses reported highest ever EBITDA in H1FY24

Revenue

EBITDA*

47%

Underlying EBITDA (including share of JVs and Associates)

H1 FY24

30,446

H1 FY24

6,092

H1 FY24

6,694

H1 FY23

28,939

H1 FY23

4,150

H1 FY23

6,172

*Reported EBITDA includes other income

PAT (before exceptional items)

Reported PAT (after exceptional items)

19%

Net Debt

-7%

H1 FY24

1,924

H1 FY24

2,158

H1 FY24

36,609

H1 FY23

1,819

H1 FY23

1,819

H1 FY23

39,486

tatapower.com

Comfortable Debt Position For Sustainable Growth

Net Debt (IN ₹ CRORE)

Q2 FY24

Q1 FY24

Q2 FY23

36,609

37,749

39,486

Balance Sheet Continues to Strengthen

Q2FY24*

FY23

FY22

FY21

FY20

FY19

FY18

2.65

2.66

1.02

1.03

1.53

1.43

1.99

2.19

2.42

3.92

4.09

4.70

5.19

5.68

Net Debt to Equity

Net Debt to Underlying EBITDA

*Trailing twelve months

tatapower.com

Net Debt fell Q-o-Q driven by strong operational cash flows and Working Capital release (IN ₹ CRORE)

Q1 FY24 Net Debt

Cash from Operations

Income from JVs

WC Changes

Others

Interest Payment & others

Business as Usual Debt

Proceeds from Arutmin coal mine divestment

Capex

Q2 FY24 Net Debt

Credit Rating* (Consolidated)

CRISIL ICRA India Ratings CARE S&P Global Moody’s

2019-20

2020-21

2021-22

2022-23

Current

AA- /Positive AA- /Stable AA /Stable AA /Stable - -

AA /Stable AA- /Positive AA /Stable AA /Stable B+ /Positive Ba3 /Stable

AA /Stable AA /Stable AA /Stable AA /Stable BB /Stable Ba2 /Stable

AA /Stable AA /Stable AA /Stable AA /Positive AA /Stable AA /Stable AA /Stable AA /Positive BB+ /Stable BB+ /Stable Ba2 /Stable Ba1 /Stable

*Credit Upgrades indicated by deepening shades of blue

Annexures

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33 33

Entity-wise Consolidated Performance – Q2 FY24

₹ Crore unless stated

Previous year numbers are restated *TPCL stake-74%; **TPCL stake-51%; ***Tata Power currently owns 93.94% stake in Renewables (TPREL). CCPS has been issued which will result in further dilution of 5.37% equity stake in TPREL, # Eliminations include inter-company transactions; ^^ including other income

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ParticularsQ2 FY24Q2 FY23Q2 FY24Q2 FY23Q2 FY24Q2 FY23Consolidated before exceptional items15,442 14,163 3,087 2,043 1,017 935 Standalone & Key SubsidiariesTata Power (Standalone)5,095 4,888 1,336 1,683 410 662 Maithon Power (MPL) *761 810 193 191 83 82 Delhi Discom (TPDDL) **2,940 2,964 326 332 107 113 Power Trading (TPTCL)107 160 24 (6) 17 (6) Solar EPC (TPSSL)***1,910 1,135 128 125 74 50 Renewable Generation (RE Gencos) ***916 806 758 694 153 127 Coal SPVs incl. TPIPL (Investment Companies)0 (0) (9) 6 (106) (171) TERPL (Shipping Co)324 138 126 (8) 96 (29) TP Central Odisha Dist Ltd (TPCODL)**1,412 1,222 109 66 18 3 TP Southern Odisha Dist Ltd (TPSODL)**543 547 70 35 11 9 TP Western Odisha Dist Ltd (TPWODL)**1,727 1,640 102 102 26 46 TP Northern Odisha Dist Ltd (TPNODL)**996 817 110 45 35 4 Others229 205 1 9 (16) (10) TOTAL - A16,961 15,333 3,274 3,272 907 881 Joint Venture and Associates- - - - 252 1,219 TOTAL - B16,961 15,333 3,274 3,272 1,159 2,100 Eliminations#(1,518) (1,170) (187) (1,229) (141) (1,166) Exceptional Items- - - - - - TOTAL - C15,442 14,163 3,087 2,043 1,017 935 Op IncomeEBITDA^^PATEntity-wise Consolidated Performance – H1 FY24

₹ Crore unless stated

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35 35

ParticularsH1 FY24H1 FY23H1 FY24H1 FY23H1 FY24H1 FY23Consolidated before exceptional items30,446 28,939 6,092 4,150 1,924 1,819 Standalone & Key SubsidiariesTata Power (Standalone)10,101 10,158 2,822 2,954 857 1,084 Maithon Power (MPL) *1,611 1,564 487 380 271 162 Delhi Discom (TPDDL) **5,745 6,087 663 672 223 234 Power Trading (TPTCL)150 233 40 (20) 27 (18) Solar EPC (TPSSL)***3,402 2,488 192 140 85 17 Renewable Generation (RE Gencos) ***1,849 1,711 1,602 1,488 388 357 Coal SPVs incl. TPIPL (Investment Companies)0 0 (17) 13 (219) (257) TERPL (Shipping Co)392 305 159 50 99 (2) TP Central Odisha Dist Ltd (TPCODL)**2,817 2,520 179 133 9 10 TP Southern Odisha Dist Ltd (TPSODL)**1,090 1,068 141 80 31 27 TP Western Odisha Dist Ltd (TPWODL)**3,414 2,996 194 106 49 23 TP Northern Odisha Dist Ltd (TPNODL)**1,979 1,603 212 87 66 11 Others454 430 18 2 (16) (31) TOTAL - A33,005 31,163 6,693 6,087 1,869 1,616 Joint Venture and Associates- - - - 602 2,022 TOTAL - B33,005 31,163 6,693 6,087 2,472 3,639 Eliminations#(2,559) (2,225) (601) (1,937) (548) (1,820) Exceptional Items- - - - 235 - TOTAL - C30,446 28,939 6,092 4,150 2,158 1,819 Op IncomeEBITDA^^PATCluster-wise Consolidated Performance – Q2 FY24

₹ Crore unless stated

Previous year numbers are restated *TPCL stake-74%; **TPCL stake-51%; ***TPCL stake-20%;" Tata Power currently owns 93.94% stake in Renewables (TPREL). CCPS has been issued which will result in further dilution of 5.37% equity stake in TPREL, # Eliminations include inter-company transactions; ^^ including other income

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36 36

Particulars Q2 FY24 Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24 Q2 FY23Consolidated before exceptional items15,442 14,163 3,087 2,043 1,017 935 Thermal Generation, Coal and Hydro4,973 4,833 1,119 394 681 906 Maithon Power Limited (MPL) *761 810 193 191 83 82 Traditional Generation (incl. Mumbai and Hydro)1,422 1,725 326 235 213 151 IEL *- - - - 26 31 PPGCL ***- - - - 17 20 Others (Incl. eliminations#)34 30 37 32 56 45 Mundra, Coal and Shipping2,756 2,269 564 (65) 287 579 Renewables "2,146 1,603 813 736 186 128 RE Gencos (Incl. CSL)916 806 758 694 153 127 Solar EPC (TPSSL)1,910 1,135 128 125 74 50 Others (Incl. eliminations#)(681) (338) (73) (83) (41) (49) T&D9,454 9,021 1,111 890 353 282 TransmissionMumbai288 249 206 172 69 55 Powerlinks **- - - - 10 9 Distribution and ServicesMumbai1,057 1,227 153 144 54 51 Odisha **4,678 4,226 391 248 90 62 Delhi **2,940 2,964 326 332 107 113 Others (T&D incl, TPADL**, TPTCL and eliminations#)490 354 34 (5) 23 (8) Others (Incl. Tata Projects, Nelco and inter cluster eliminations#)(1,130) (1,295) 44 23 (202) (380) Consolidated before exceptional items15,442 14,163 3,087 2,043 1,017 935 Exceptional items- - - - - - Consolidated after exceptional items15,442 14,163 3,087 2,043 1,017 935 Op IncomeEBITDA^^PATCluster-wise Consolidated Performance – H1 FY24

₹ Crore unless stated

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37 37

ParticularsH1 FY24H1 FY23H1 FY24H1 FY23H1 FY24H1 FY23Consolidated before exceptional items30,446 28,939 6,092 4,150 1,924 1,819 Thermal Generation, Coal and Hydro9,800 9,959 2,107 853 1,370 1,748 Maithon Power Limited (MPL) *1,611 1,564 487 380 271 162 Traditional Generation (incl. Mumbai and Hydro)3,018 3,703 644 513 429 336 IEL *- - - - 50 62 PPGCL ***- - - - 32 25 Others (Incl. eliminations#)66 62 74 64 103 79 Mundra, Coal and Shipping5,105 4,629 903 (103) 485 1,084 Renewables "4,235 3,693 1,721 1,513 426 309 RE Gencos (Incl. CSL)1,849 1,711 1,602 1,488 388 357 Solar EPC (TPSSL)3,402 2,488 192 140 85 17 Others (Incl. eliminations#)(1,016) (506) (73) (115) (47) (66) T&D18,731 17,980 2,180 1,697 683 526 TransmissionMumbai587 498 424 351 138 121 Powerlinks **- - - - 21 19 Distribution and ServicesMumbai2,240 2,671 305 280 106 100 Odisha **9,300 8,187 726 407 154 71 Delhi **5,745 6,087 663 672 223 234 Others (T&D incl, TPADL**, TPTCL and eliminations#)859 536 62 (14) 41 (18) Others (Incl. Tata Projects, Nelco and inter cluster eliminations#)(2,320) (2,694) 84 86 (556) (764) Consolidated before exceptional items30,446 28,939 6,092 4,150 1,924 1,819 Exceptional items- - - - 235 - Consolidated after exceptional items30,446 28,939 6,092 4,150 2,158 1,819 Op IncomeEBITDA^^PATTata Power (Consolidated) Performance

₹ Crore unless stated

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38 38

ParticularsQ2 FY24Q2 FY23VarH1 FY24H1 FY23VarQuarter Variance RemarksOperating Income15,44214,1631,27930,44628,9391,507Higher projects execution, higher PLF in Mundra, higher sales across Odisha DiscomsOperating Expenses12,64712,270(377)24,91725,082165Operating Profit2,7951,8929035,5293,8561,673Other Income292150142563294269Higher interest income, partial sale of unit-6 equipments in TrombayEBITDA3,0872,0431,0446,0924,1501,942Interest cost1,1821,052(130)2,4032,078(325)Higher interest ratesDepreciation926838(88)1,8191,660(159)Higher T&D capitalization and RE capacity additionPBT before share of Assoc & JVs9791538261,8694131,456Share of Associates & JV's results2521,219(967)6022,022(1,420)Lower profits from coal companies due to lower coal pricesPBT after share of JV1,2311,373(142)2,4722,43537Tax Expenses21343822554861668Lower taxes on lower dividendNet Profit before exceptional items1,017935821,9241,819105Exceptional Items (Net of Tax)- - - 235- 235Deemed dilution gain on Tata ProjectsNet Profit for the period *1,017935822,1581819340* As per line item 9 in the SEBI AdvtTata Power (Standalone) Financial Performance

₹ Crore unless stated

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39 39

ParticularsQ2 FY24Q2 FY23VarH1 FY24H1 FY23VarQuarter Variance RemarksOperating Income5,0954,88820710,10110,158(57)Higher PLF in Mundra and higher merchant tariffs in Haldia Operating Expenses3,9944,3563627,9579,0771,120Decrease in fuel costOperating Profit1,1025325702,1441,0811,063Other Income2341,151(917)6781,873(1,195)Lower dividend income receivedEBITDA1,3361,683(347)2,8222,954(132)Interest cost588556(32)1,1851,119(66)Higher interest rateDepreciation287286(1)577577 (0)PBT462841(379)1,0601,258(198)Tax Expenses52178126204174(30)Lower taxes on lower dividendPAT (before exceptional items)4106622528571,084(227)Exceptional items - 538(538) - 538(538)PAT for the period4101,200(790)8571,622(765)* Line no. 9 of advertisementMaithon Power Limited - Highlights

₹ Crore unless stated

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ParticularsQ2 FY24Q2 FY23VarH1 FY24H1 FY23VarQuarter Variance RemarksGeneration (MUs)2,0512,031204,0494,03019Sales (MUs)2,0262,030(4)4,0393,98950Availability (%) (Plant)94%99%-5%95%97%-2%PLF % 89%88%1%88%87%1%FinancialsOperating Income761810(49)1,6111,56447Lower fuel costFuel Cost493539469741,03763Lower rateOther operating expense818761591634Operating profit1871843478365113Other Income67(1)915(6)EBITDA 1931912487380107Interest cost2933459667Depreciation8068(12)149136(13)PBT8490(6)279177102Tax1878157Reversal of MAT creditPAT83821271162109Prayagraj Power Generation Co. Ltd. - Highlights

₹ Crore unless stated

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ParticularsQ2 FY24Q2 FY23VarH1 FY24H1 FY23VarQuarter Variance RemarksGeneration (MUs)3,3343,353(19)6,5686,376192Sales (MUs)3,1443,161(17)6,1956,008187Availability (%)84%85%-1%86%80%6%PLF % 76%77%-1%76%73%2%FinancialsOperating Income1,2371,219182,4382,219219Higher merchant salesOperating expenses94194651,8491,765(84)Operating profit29627224589454135Other Income1056(46)13124(111)Late Payment surcharge received in PYEBITDA 305328(23)60357825Interest cost172180834335613Depreciation5049(1)10098(2)PAT8399(16)15912435Tata Power Delhi Distribution Ltd. - Highlights

₹ Crore unless stated

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ParticularsQ2 FY24Q2 FY23VarH1 FY24H1 FY23VarQuarter Variance RemarksPurchase (MUs)3,4273,2581696,2226,446(224)Sales (MUs)3,2253,0491765,8516,031(180)Revenue Per Unit8.309.60(1.30)9.709.96(0.3)PPC Per Unit6.317.431.127.517.720.2AT&C losses (%)7%7%0%7%7%0%FinancialsOperating Income2,6762,742(66)5,2245,401(177)Lower power prices Power Purchase 2,1612,209484,1754,316141 Other Operating Exp.215221642845628Operating Exp.2,3762,430544,6034,772169Operating Profit299312(13)621629(8)Other Income272074243(1)EBITDA326332(6)663672(9)Interest cost74751148146(2)Depreciation9894(4)193188(5)Higher capitalisationPBT155163(8)322339(17)Tax48502991056PAT107113(6)223234(11)Q2 FY24 Odisha Discoms – Highlights

₹ Crore unless stated

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ParticularsQ2 FY24Q2 FY23Q2 FY24Q2 FY23Q2 FY24Q2 FY23Q2 FY24Q2 FY23Purchase (MUs)3,0902,723 1,128 1,097 3,206 3,404 1,938 1,677 Sales (MUs)2,423 2,063 847 828 2,638 2,792 1,666 1,337 Revenue per unit5.6 5.6 6.4 6.6 6.1 5.7 5.6 5.7 Power Cost per unit3.3 3.2 2.3 2.5 4.4 3.9 3.6 3.5 Actual Technical losses (%)22%24%25%24%18%18%14%20%Actual AT&C losses (%) 21%23%29%27%19%23%13%12%Vesting order Target AT&C (%)22%24%26%26%19%20%19%19%Income from Operation1,412 1,222 543 547 1,727 1,640 996 817 EBITDA109 66 70 35 102 102 110 45 PAT18 3 11 9 26 46 35 4 TPCODLTPSODLTPWODLTPNODLH1 FY24 Odisha Discoms – Highlights

₹ Crore unless stated

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ParticularsH1 FY24H2 FY23H1 FY24H2 FY23H1 FY24H2 FY23H1 FY24H2 FY23Purchase (MUs)6,2925,615 2,298 2,266 6,370 6,344 3,846 3,343 Sales (MUs)4,867 4,264 1,731 1,720 5,235 5,072 3,296 2,683 Revenue per unit5.6 5.7 6.3 6.2 6.1 5.7 5.7 5.6 Power Cost per unit3.3 3.2 2.3 2.5 4.4 3.9 3.6 3.5 Actual Technical losses (%)23%24%25%24%18%20%14%20%Actual AT&C losses (%) 28%29%33%32%22%28%15%15%Vesting order Target AT&C (%)22%24%26%26%19%20%19%19%Income from Operation2,817 2,520 1,090 1,068 3,414 2,996 1,979 1,603 EBITDA179 133 141 80 194 106 212 87 PAT9 10 31 27 49 23 66 11 TPSODLTPWODLTPNODLTPCODLRE Generation*

₹ Crore unless stated

*All renewable generation companies including WREL (Walwhan) and CSL (Chirasthayee Solar Limited)

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45 45

ParticularsQ2 FY24Q2 FY23VarH1 FY24H1 FY23VarQuarter Variance RemarksCapacity - Total (MW)4,1903,8603304,1903,860330Capacity - Wind (MW)1,003928761,00392876Capacity - Solar (MW)3,1862,9322543,1862,932254Generation (MUs) 2,1521,8133384,2983,705593Sales (MUs)2,1131,7833304,2273,652575Avg PLF (%) - Solar21%20%1%23%22%1%Avg PLF (%) - Wind32%28%4%28%27%1%FinancialsOperating Income9168061101,8491,711138Higher PLF's, new capacity additions of 330 MWOperating Expenses177147(31)332279(53)Operating profit739660791,5171,43285Other income1934(15)855629EBITDA758694641,6021,488114Interest cost323282(42)632552(80)Higher borrowings for capacity additionDepreciation251242(9)491473(18)PBT1841701447946216Tax3143129110514PAT1531272538835730Tata Power Solar Systems Limited – Highlights

₹ Crore unless stated

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Particulars Q2 FY24 Q2 FY23 Var H1 FY24 H1 FY23 Var Quarter Variance RemarksOperating Income1,9101,1357753,4022,488914Higher execution of group captive and large projectsOperating expenses1,7831,011(772)3,2352,351(884)Operating profit126124216713730Other income20225322EBITDA128125319214052Margin6.7%11.0%5.6%5.6%Lower margin in-house projectsInterest cost143521467731PY includes higher forex lossesDepreciation1616(0)3331(2)PBT9874241143282Tax2424(0)2915(14)PAT745024851768Margin3.9%4.4%2.5%0.7%Renewables – Consolidated View

₹ Crore unless stated

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Key Parameters - RenewablesQ2 FY24Q2 FY23H1 FY24H1 FY23Revenue2,146 1,603 4,235 3,693 EBITDA813 736 1,720 1,515 PAT186 128 426 309 Gross Debt16,321 17,193 16,321 17,193 Net Debt13,585 15,153 13,585 15,153 Net Worth12,685 11,841 12,685 11,841 ₹ Crore unless stated

Regulated - Equity And Assets

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ParticularsQ2 FY24Q1 FY 24Q4 FY 23Q3 FY 23Q2 FY 23Regulated EquityMumbai Operation 4,661 4,642 4,639 4,394 4,380 Jojobera 548 548 542 542 522 Tata Power Delhi Distribution (100%) 1,953 1,945 1,931 1,861 1,846 TP Central Odisha Dist Ltd (100%) 590 590 590 504 504 TP Southern Odisha Dist Ltd (100%) 369 369 369 248 248 TP Western Odisha Dist Ltd (100%) 480 480 480 360 360 TP Northern Odisha Dist Ltd (100%) 398 398 398 295 295 Maithon Power Limited (100%) 1,684 1,684 1,666 1,671 1,669 Industrial Energy Limited (100%) 721 718 718 718 690 Powerlinks Transmission (100%) 468 468 468 468 468 Total 11,872 11,842 11,801 11,061 10,982 Regulated Assets (As per financial books)Mumbai Operation 3,550 3,384 3,500 3,193 2,908 Jojobera (16) (6) (9) (4) 1 Tata Power Delhi Distribution (100%) 5,700 6,117 6,139 6,106 5,942 TP Central Odisha Dist Ltd (100%) (72) (4) 83 (22) 28 TP Southern Odisha Dist Ltd (100%) 405 344 298 284 210 TP Western Odisha Dist Ltd (100%) (1,099) (1,171) (1,227) (1,234) (1,043)TP Northern Odisha Dist Ltd (100%) (31) (18) (8) 20 5 Maithon Power Limited (100%) (297) (291) (255) (248) (253)Total 8,140 8,355 8,521 8,095 7,797 Key Segments - Debt Profile

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Q2 FY24Q1 FY24QoQQ2 FY23YoYCoal SPVs + TPIPL4,442 4,610 (168) 5,189 (747) TPDDL2,175 2,245 (70) 2,721 (546) TPREL & Subsidiaries (Excl. TPSSL & WREL)12,470 12,178 291 11,606 864 Capex for additional capacitiesWREL3,363 3,467 (104) 3,760 (398) TPSSL490 730 (240) 1,218 (728) Maithon1,640 1,626 13 1,668 (28) Odisha DISCOMs2,262 2,130 133 1,881 381 TATA Power21,385 23,368 (1,983) 21,420 (35) Others48 44 4 71 (23) Total Debt48,358 50,398 (2,040) 49,535 (1,177) CompanyTotal Gross Debt (LT + ST)Quarterly movement RemarksTata power - Debt Profile

₹ Crore unless stated

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Q1 FY24Q2 FY23RupeeForexTotalTotalTotalLong term30,487 2,642 33,129 29,144 29,597 Short term6,800 1,059 7,859 12,087 11,808 Current Maturity of LT6,546 824 7,370 9,167 8,130 Total Debt48,358 50,398 49,535 Less: Cash & Cash Equivalents10,773 11,462 8,251 Less: Debt against dividend in Coal SPVs976 1,187 1,798 Net External Debt36,609 37,749 39,486 Networth35,817 34,672 29,881 Net Debt to Equity 1.02 1.09 1.32 ParticularsConsolidatedQ2 FY24w w w . t a t a p o w e r . c o m

I N V E S T O R R E L A T I O N S T E A M :

Mr. Soundararajan Kasturi Chief – Treasury & Investor Relations Email: kasturis@tatapower.com M: +91 82912 04022

Mr. Rajesh Lachhani Head – Investor Relations Email: rajesh.lachhani@tatapower.com M: +91 9742947821

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